2019-09-20T15:27:30-05:00 2018-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2018-01-01 381543701 KALSEE CREDIT UNION KALS 2693827800 2501 MILLCORK KALAMAZOO MI 49001 MATT LAHMAN CEO 2693827800 2019-09-19 1 ROBERT PARKS CPA P00740435 2482443000 64.95.240.2 2019-09-19 10:39:38 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2018 2019-02-21 02:37:17Z MATT LAHMAN 2501 MILLCORK KALAMAZOO MI 49001 12146902 0 1359 X WWW.KALSEE.COM X 1954 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 7 7 86 7 394239 0 0 0 10958441 11092951 443430 602606 385320 394239 11787191 12089796 0 0 0 0 3351671 3695754 0 0 0 7363734 6795754 10715405 10491508 1071786 1598288 176318387 186031636 156978932 165209282 19339455 20822354 X TO PROVIDE AND PROMOTE A WIDE RANGE OF FINANCIAL SERVICES TO HELP OUR MEMBERS GAIN PERSONAL FINANCIAL SUCCESS. 1 1 PROVIDE 24,000 MEMBERS WITH SAVINGS, CHECKING, CLUBS, MONEY MARKET, INDIVIDUAL RETIREMENT AND CERTIFICATES OF DEPOSIT ACCOUNTS. PROVIDE 13,000 CREDIT CARD, VEHICLE, REAL ESTATE, CONSTRUCTION, UNSECURED, BUSINESS, AND LINE OF CREDIT LOANS TO MEMBERS. OFFER ATM & DEBIT CARD, CHECK CASHING, WIRE TRANSFER, COURTESY PAY, MONEY ORDERS, CASHIER CHECKS, ELECTRONIC BANKING, FINANCIAL COUNSELING, INVESTMENT AND INSURANCE PROGRAMS TO ALL ELIGIBLE MEMBERS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 3593 0 1 86 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 0 0 1 1 1 1 0 X AMBER STEVENS 2693827800 2501 MILLCORK KALAMAZOO MI 49001 DAVID STUUT CHAIRMAN 2.00 X 0 0 0 JOSEPH MARTIN VICE CHAIRMAN 2.00 X 0 0 0 JODI K MILKS BOARD MEMBER 2.00 X 0 0 0 BRIAN SACJETT BOARD MEMBER 2.00 X 0 0 0 BEN DANIELSON BOARD MEMBER 2.00 X 0 0 0 RUDY CALLEN BOARD MEMBER 2.00 X 0 0 0 MICHELLE SHINEVARE BOARD SECRETARY 2.00 X 0 0 0 AMBER STEVENS CFO 60.00 X 113920 0 14000 MATTHEW LAHMAN CEO 60.00 X 169209 0 15711 SHELDON FAWORSKI V. PRESIDENT 40.00 X 113736 0 18506 396865 0 48217 3 0 1 0 VANTIV HOLDING LLC 8500 GOVERNORS HILL DRIVE SYMMES TOWNSHIP OH 45249 ATM/DEBIT CARD PROCESSOR 793890 CU ANSWERS 6000 28TH ST SE STE 100 GRAND RAPIDS MI 49546 CORE DATA PROCESSOR 454963 FIS 3031 N ROCKY POINT TAMPA FL 33607 VISA PROCESSOR 229741 SECANT TECHNOLOGIES 6395 TECHNOLOGY AVE KALAMAZOO MI 49009 IT SERVICES 228264 HYLAND SOFTWARE INC 28500 CLEMENS RD WESTLAKE OH 44145 SOFTWARE/CONSULTING 120660 5 LOAN INTEREST 522100 7359638 7359638 FEES/CHARGES 522100 3733313 3733313 11092951 598089 598089 61623 57106 4517 4517 4517 FINANCIAL SERVICES 525990 142390 142390 NON-MEMBER ATM FEES 525990 131099 131099 INSURANCE PRODUCTS 524298 117507 117507 3243 3243 394239 12089796 11097468 394239 598089 X 312840 2293835 174592 673262 241225 16968 81227 202452 252362 509976 845872 210121 100217 51072 782539 32860 251513 41294 PROVISION FOR LOAN LOSS 1074570 ATM EXPENSE 1019820 LOAN SERVICING 782552 VISA/PLASTIC CARD EXPEN 235598 304741 10491508 1722474 2045428 4900893 3098429 510695 457133 547238 1513053 136509467 149415727 676037 853136 8452432 2432712 6043182 6019720 15029359 12176219 5419637 5455561 4959405 4997230 176318387 186031636 1537182 8596484 155441750 156612798 156978932 165209282 X 0 0 0 0 19339455 20822354 19339455 20822354 176318387 186031636 X 1598288 -110314 -5075 X X 0 1 X 1 0 1726565 1726565 5612649 1801674 3810975 1113218 631038 482180 6019720 MEMBER SHARES 156612798 156612798 X 12089796 0 12089796 0 12089796 10491508 0 10491508 0 10491508 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14)), FROM FEDERAL AND STATE INCOME TAXES. X 1 1 X X X X 0 0 0 MATTHEW LAHMAN CEO 138709 0 21500 0 9000 0 9882 0 5829 0 184920 0 0 0 PART I, LINE 1A BEACON CLUB MEMBERSHIP - THIS MEMBERSHIP IS FOR KEY EMPLOYEE'S TO TAKE CLIENTS TO LUNCH/DINNER FOR BUSINESS PURPOSES ONLY. IN THE EVENT A KEY EMPLOYEE UTILIZES THE ACCOUNT FOR PERSONAL REASONS, THEY ARE RESPONSIBLE FOR THE COSTS. KALSEE PAYS $550 ANNUALLY FOR A CORPORATE MEMBERSHIP WHICH INCLUDES THE CEO, COO, CFO, AND THE BOARD OF DIRECTORS . KALSEE PAYS ANOTHER $160 FOR TWO ADDIITIONAL MEMBERS. SAM'S CLUB MEMBERSHIP WITH 8 CARDS FOR THE MANAGEMENT TEAM. BRONSON ATHLETIC CLUB MEMBERSHIP, HEALTH CLUB MEMBERSHIP FOR MATT LAHMAN, PRESIDENT AND CEO. RUDY CALLEN FORMER CEO AND CURRENT MEMBER OF THE BOARD OF DIRECTORS SPLIT DOLLAR LIFE INSURANCE X 500000 563053 0 1 1 MATTHEW LAHMAN CEO SPLIT DOLLAR LIFE INSURANCE X 950000 950000 0 1 1 1513053 FORM 990, PART III, LINE 2 IMPLEMENTED KASASA INTEREST BEARING CHECKING ACCOUNTS FORM 990, PART III, LINE 3 ELIMINATED THE ACQUISITION OF SHARED BRANCH TRANSACTIONS THROUGH CO-OP. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A BOARD MEMBERS ARE NOMINATED AND THEN ELECTED BY MAIL VOTE BY THE MEMBERSHIP. RESULTS OF THE MAIL VOTE ARE ANNOUNCED AT THE ANNUAL MEETING. EACH BOARD MEMBER IS ELECTED FOR A 3 YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS THOROUGHLY REVIEWED BY THE CFO AND THE CEO PRIOR TO FILING. A COPY IS MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE IS MADE UP OF SELECTED BOARD OF DIRECTORS MEMBERS, WHICH USE COMPENSATION SURVEYS TO APPROVE COMPENSATION FOR THE CEO. THE LAST COMPENSATION REVIEW WAS PERFORMED IN 2017. KEY EMPLOYEE COMPENSATION IS DETERMINED BY REVIEWS CONDUCTED BY THE CEO AND HUMAN RESOURCES AND ARE APPROVED BY THE BOARD OF DIRECTORS. THE LAST COMPENSATION REVIEW WAS PERFORMED IN 2017. FORM 990, PART VI, SECTION C, LINE 19 MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION'S LOBBIES. THE GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST AT THE MAIN OFFICE. FORM 990, PART IX, LINE 24E MAINTENANCE 218,538. MISCELLANEOUS 60,888. FRAUD/FORGERIES/OVERDRAFT LOSSES 25,315. FORM 990, PART XI, LINE 9: RETIREE HEALTH BENEFITS 158 - OCI -13,326. SHARED BRANCHING SETTLEMENT 8,251. - FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. FORM 990, PART XII, LINE 2B: AUDITED FINANCIAL STATEMENTS ARE DONE ON A FISCAL YEAR END AND TAX REPORTING IS REQUIRED ON A CALENDAR YEAR END. THERE ARE NO REVENUE OR EXPENSE ITEMS REPORTED IN THE AUDITED FINANCIAL STATEMENTS THAT ARE NOT REPORTED IN FORM 990.